High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip

Published: Feb 7, 2026 16:41

Save

[SMM Nickel Flash] Based on nickel ore prices from 25 days ago, smelter profits for high-grade NPI remained high this week. However, from the current raw material side, ore prices from both the Philippines and Indonesia increased, while auxiliary material prices saw a slight pullback, leading to an increase in the cash cost of producing high-grade NPI from spot ore. At the same time, high-grade NPI prices experienced some pullback, making it difficult for smelter profits to see sustained improvement.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.minsAgo

[SMM Nickel Sulphate Daily Review] February 9th: Pre-Holiday Trading Remained Weak, Nickel Salt Prices Held Steady

On February 9, the SMM battery-grade nickel sulphate index price was 31,646 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,400–32,500 yuan/mt, and the average price decreased compared to the previous day.

Common.Time.minsAgo

Common.Time.hoursAgo

[NPI Daily Review] Price Spread Between Upstream and Downstream Widens, Pre-Holiday Market Sluggish with Few Transactions

[SMM Daily Review: Widening Price Gap Between Upstream and Downstream Leads to Sluggish Pre-Holiday Market with Few Deals] February 9 (SMM) - The average price of SMM 10-12% high-grade NPI stood at 1,040 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

Common.Time.hoursAgo

[SMM Nickel Midday Review] Nickel prices rebounded slightly on February 9, as the central bank increased its gold holdings for the 15th consecutive month.

Common.Time.hoursAgo